PHOENIX-The owner of six resort properties in Arizona, Phoenix-based ILX Resorts Inc., will pay a quarterly dividend of 10 cents per share, the company said this week. The dividend is payable Oct. 10 to stockholders of record at the close of business Sept. 30.
The company said shareholders electing participation before the payment date may reinvest dividends in additional shares of common stock through a plan adopted March 4. The annual dividend of 40 cents per share, payable quarterly, was declared on Dec. 18, 2002.
“We are very pleased to be paying this third consecutive dividend, which, in conjunction with the dividend reinvestment plan, provides shareholders with both a current return and the opportunity to expand their investment in the future of the company,” Joseph P. Martori, chairman of ILX Resorts, said in a press release.
In ILX's most recent earnings report, the company reported net income for the six months ending June 30, 2003 was $1.5 million, and both basic and fully diluted earnings per share were 51 cents. Net income, basic and fully diluted earnings per share for the six months ending at midyear were $1.6 million or 54 cents and 52 cents per share respectively, excluding the gain on a sale/leaseback transaction in the first quarter and $2 million or 66 cents and 64 cents respectively, including that transaction.
ILX has been trading just below $8 a share this week on AMEX. Its portfolio of properties includes six resorts in Arizona and one each in Indiana, Colorado and San Carlos, Mexico plus land adjacent to an existing resort in northern Arizona and 44 acres within a mile of the Las Vegas Strip, both of which include development rights.
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